News

PAC scrutinises SOEs

Maggie Boyle

July 27, 2016 12:57 am

The Public Account Committee sought clarifications today on the oversight of State Owned Enterprises – SOEs.

Permanent Secretary for the Ministry of Enterprise David Kolitagane in his submission explained that oversight of SOE’s fell on the respective appointed boards.

Kolitagane added that the board is primarily in charge of how SOEs function from the development and implementation of their key documents to its financial performance as it has a fiduciary duty.

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PAC Chairman Ashneel Sudhakar commended the reform that the Ministry had put in place which had turned the payment of profits around from three million dollars combined in 2007 to an expected excess of 30 million dollars this year.

The committee which is securitizing Auditor General Reports from 2009 to 2014 will this week and next hold deliberations with various ministries to better explain the AG’s findings and subsequent follow through.